GBPUSD (1.2579): The GBPUSD continues to trade below the recently breached support level of 1.2683. Price action posted a modest rebound which saw a brief retest of the breached support level. We expect a solid retest of this level to establish resistance. The GBPUSD is most likely to trade below this level with the potential to break past the previously established lows of 1.2485. However, the cable could settle into a sideways range in the near term.
